B. Riley analyst John Massocca raised the firm's price target on Gladstone Commercial to $12.50 from $11 and keeps a Neutral rating on the shares. Gladstone Commercial's Q4 and year-to-date activity showed a stable portfolio, with occupancy steady at 99.1% and no major acquisitions or dispositions, though balance sheet activity was notable, including an upsized $400M credit facility and an $85M private debt placement at 6% interest, extending maturities and reducing near-term refinancing risk, the analyst tells investors in a research note. Despite this, near-term per-share growth may be constrained by higher refinancing costs, 28% office exposure, and reliance on one-time lease termination fees, with core FFO/share expected to decline through 2027 while AFFO/share could see modest gains if capex remains low, the firm says.
